On July 18, 2017, the Federal Government announced changes to close "loopholes" in the taxation of private corporation income. One of the stated goals is to provide for "fairness" in the taxation of income so that business income earned through a private corporation is not "unfairly" subject to lesser rates of tax than other income. The purpose of this blog is not to discuss whether this should be a goal of our tax system. Change is a constant in all things, including tax policy, and a change in tax policy appears to be here, whether popular or not.

U.S. tax reform measures were signed into law by President Trump on December 22, 2017, culminating a whirlwind legislative process at the end of 2017 which resulted in the Tax Cuts and Jobs Act (the "Tax Act"), the most significant changes to U.S. tax law in over three decades. These changes, in particular those relating to personal taxation, will impact many individuals and families with U.S. connections.

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